Starwood Q3 ops down, Sternlicht to step down as CEO

EmilyChurch

LONDON (CBS.MW) -- Starwood Hotels & Resorts Worldwide
HOT, +0.00%
said earnings from continuing operations for the third quarter declined 11.5 percent to 23 cents a share. Analysts polled by Reuters Research had forcast earnings per share of 20 cents, on average. Excluding special items, earnings declined to 24 cents a share from 27 cents a year ago. Revenue-per-room rose 4.4 percent, the group said. Looking ahead, Starwood said it sees fourth quarter earnings at 32 cents a share and EBITDA at $260 million. Analysts are forecasting EBIT at $258 million. Separately, the company said Barry Sternlicht, Chairman and Chief Executive Officer, intends to step down as CEO once a new CEO has been hired. Sternlicht will co-chair a newly formed search committee. Upon the CEO's selection, Sternlicht will become Executive Chairman of Starwood. "It has become increasingly difficult for me to fulfill (the) global responsibility in the face of the needs of my family and my other activities. Additionally, I believe a growing "best practice" in corporate governance is the separation of the Chairman and Chief Executive Officer," Sternlicht said.

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